Interest Rates on Bank Deposits and Loans: August 2012
04/10/2012 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In August 2012 the overall average interest rate on new deposits and the corresponding rate on new loans decreased (see Table 1).
More specifically, in August 2012, the average interest rates on overnight deposits from households and from non-financial corporations remained almost unchanged at 0.47% and 0.40% respectively. The average interest rate on deposits from households with an agreed maturity of up to 1 year, decreased further by 26 basis points to 4.56%. The overall average interest rate on all new deposits decreased by 14 basis points to 2.72%.
In the case of loans, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and debit balances on current accounts) decreased by 8 basis points in August 2012, to 14.83%. On the contrary, the average interest rate on consumer loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year increased significantly by 44 basis points to 8.32%, in August 2012, from 7.88% in the previous month.
The average interest rate on corporate loans without a defined maturity decreased by 4 basis points to 7.57%. Similarly, the corresponding rate on loans to sole proprietors decreased by 7 basis points to 10.14%. The average interest rate on corporate loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year decreased significantly by 43 basis points to 7.24% for loans up to EUR 250,000, decreased by 3 basis points to 6.39% for loans above EUR 250,000 and up to EUR 1 million, while for loans above EUR 1 million it increased by 11 basis points to 5.82%. Finally, the average interest rate on housing loans at a floating rate or with an initial fixation period of up to one year decreased by 14 basis points to 2.99%. As result of the above developments the average interest rate on all new loans to households and corporations decreased, in August 2012, by 4 basis points to 5.85%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In August 2012 the overall average interest rate on outstanding amounts of all deposits remained unchanged, while the corresponding rate on all loans decreased (see Table 2).
In particular, in August 2012, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years decreased by 4 basis points to 4.69% and the corresponding rate of deposits from non-financial corporations decreased by 8 basis points to 4.56% . The average interest rate on outstanding amounts of loans with over five years’ maturity decreased by 5 basis points to 3.29% for housing loans, by 4 basis to 4.86% for corporate loans and by 5 basis points to 6.16% for loans to sole proprietors.
The overall average interest rate on all deposits (including overnight deposits) remained unchanged to 2.86%, while the corresponding rate on all loans decreased by 7 basis points to 5.94%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
June 2012
|
July 2012
|
August 2012
|
|
DEPOSITS
|
Overnight from households
|
0.48
|
0.47
|
0.47
|
|
Overnight from non-financial corporations
|
0.46
|
0.40
|
0.40
|
|
From households with an agreed maturity of up to 1 year
|
5.01
|
4.82
|
4.56
|
|
Overall average rate on all deposits
|
2.94
|
2.86
|
2.72
|
|
LOANS
|
Consumer without a defined maturity
|
14.96
|
14.91
|
14.83
|
|
Corporate without a defined maturity
|
7.69
|
7.61
|
7.57
|
|
To sole proprietors without a defined maturity
|
10.27
|
10.21
|
10.14
|
|
Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year
|
8.16
|
7.88
|
8.32
|
|
Corporate with a fixed maturity at a floating rate or with an initial fixation period of up to 1 year rate:
-loans up to an amount of EUR 250,000
-loans above EUR 250,000 and up to EUR 1 million
-loans above EUR 1 million
|
7.47
6.55
6.55
|
7.67
6.42
5.71
|
7.24
6.39
5.82
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
3.42
|
3.13
|
2.99
|
|
Overall average rate on all loans
|
6.28
|
5.89
|
5.85
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
June 2012
|
July 2012
|
August 2012
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
4.71
|
4.73
|
4.69
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
4.49
|
4.64
|
4.56
|
|
Overall average rate on all deposits*
|
2.80
|
2.86
|
2.86
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.47
|
3.34
|
3.29
|
|
Corporate with over 5 years’ maturity
|
4.92
|
4.90
|
4.86
|
|
To sole proprietors with over 5 years’ maturity
|
6.26
|
6.21
|
6.16
|
|
Overall average rate on all loans
|
6.11
|
6.01
|
5.94
|
*For the calculation of this average rate the overnight deposits are also taken into account